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Lawrence Blume on the Importance of Welfare Economics

MIP network member Lawrence Blume sat down with HCEO to discuss his work on economic theory.

Blume initially chose to pursue studying economics because we was interested in thinking about concepts like what makes a good government or constitution. "I love thinking about large systems and how all these things come together, seeing the invisible hand actually worked out formally," Blume says. "Those early questions to me are still really compelling."

At the start of his career, Blume was deeply interested in social choice theory, though he says that area of research has generally become inactive. "Welfare economics is probably the weakest part of the foundations of economics and yet it’s really central to what we do," he says.

Blume also discussed the importance of working collaboratively across disciplines, which he notes is inherent to HCEO's mission.

"I think the future of economic research for me, and hopefully for other economic theorists, is broadening ourselves rather than writing to each other for each other," Blume says.

Blume is the Goldwin Smith Professor of Economics at Cornell University, and a Visiting Research Professor at IHS.